DECRYPT · 2026-10-30 21:16 UTC

Binance Hack Shows Why Offshore Exchanges Need US Oversight, CFTC Chair Says

Binance suffered a record $6.4 billion hack; CFTC Chair Michael Selig argued it demonstrates why offshore crypto exchanges need U.S. regulatory oversight and cybersecurity standards. Selig said the breach exploited a vulnerability from a compromised DevOps engineer's laptop, but Binance later revealed a more complex multi-point attack using Ethereum's EIP-7702 feature to drain hot wallet assets. The CFTC is pushing its own crypto rulemaking to bring exchanges under federal oversight, using the hack as evidence for the need for a regulatory framework.

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